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Interest rates

President Joe Biden on the South Lawn of the White House | Sipa USA/Newscom

Economy

'Bidenomics' Is Failing Everyday Americans

The big spending has fueled higher inflation, resulted in larger-than-projected deficits, and contributed to a record level of debt.

Veronique de Rugy | 9.21.2023 8:01 AM

Looking-up shot of a building with the Fitch Ratings logo. | King Ho Yim | Dreamstime.com

Economics

The U.S. Government's Bad Credit Means Higher Costs for Us All

Federal officials ignore repeated warnings, and we all pay the price.

J.D. Tuccille | 8.11.2023 7:00 AM

Joni Ernst, R-IA, holds a poster on "Bidenomics" | BONNIE CASH/UPI/Newscom

Joe Biden

'Bidenomics,' Like All Industrial Policy, Sucks

Plus: Does Tom Cruise really do all of his own stunts?

Matt Welch, Katherine Mangu-Ward, Nick Gillespie, and Peter Suderman | 7.17.2023 4:41 PM

Joe Biden | Sipa USA/Newscom

Economics

'Bidenomics' Is Nothing New

It's a familiar program. And it will result in higher prices, slower growth, and fewer jobs.

Veronique de Rugy | 7.13.2023 11:00 AM

The US Capitol is seen next to 0 bills | Photo 6458063 © Elena Yakusheva | Dreamstime.com

Election 2024

This Election Season, Beware of These False Promises

Many politicians offer a simplified view of the world—one in which government interventions are all benefits and no costs. That couldn't be further from the truth.

Veronique de Rugy | 7.6.2023 12:25 PM

White House | Photo 21623746 © Indy2320 | Dreamstime.com

Government Spending

The Next President Needs To Cut Spending

At a minimum, the national debt should be smaller than the size of the economy. A committed president just might be able to deliver.

Veronique de Rugy | 6.29.2023 1:35 PM

Chairman of the Federal Reserve Jerome Powell | Liu Jie / Xinhua News Agency/Newscom

Inflation

The Fed Won't Save Us From the Inflation Iceberg

Plus: Was Gerald Ford right to pardon Richard Nixon?

Peter Suderman, Katherine Mangu-Ward, Nick Gillespie, and Eric Boehm | 6.19.2023 3:39 PM

A 0 bill is seen through fractured blue and red glass | Illustration: Lex Villena

Government Spending

The Debt Ceiling Deal Does Not Go Nearly Far Enough

Projections of huge savings are making the rounds. Nothing could be further from the truth.

Veronique de Rugy | 6.8.2023 12:01 AM

House Speaker Kevin McCarthy and President Joe Biden meet to discuss the debt ceiling | Sipa USA/Newscom

Debt Ceiling

The Debt Ceiling Fight Is a Reminder of America's Dire Fiscal Future

The longer we wait to address our debt, the more painful it will be.

Veronique de Rugy | 5.11.2023 12:01 AM

A woman cuts up a credit card | Photo 27246429 © Sixninepixels | Dreamstime.com

Credit Card

The Government Wants To Cap Credit Card Late Fees. It Will Hurt the Poor.

Delayed payments will increase, and companies will respond by raising interest rates—or denying low-income applicants outright.

Veronique de Rugy | 5.4.2023 12:01 AM

people walking by a branch of First Republic Bank | Richard B. Levine/Newscom

Banking

Regulators Seize First Republic Bank and Sell It to JPMorgan Chase

Plus: Twitter complies with a greater portion of government censorship requests, a judge allows an antitrust suit against Google to go forward, and more...

Elizabeth Nolan Brown | 5.1.2023 9:31 AM

The U.S. Capitol building is seen with money behind it | Photo 126111886 © W.scott Mcgill | Dreamstime.com

Debt Ceiling

Don't Believe the Media Fearmongering About Spending Cuts

In 2019, discretionary spending was $1.338 trillion—or some $320 billion less than what Republicans want that side of the budget to be.

Veronique de Rugy | 4.27.2023 3:10 PM

Federal Reserve building | Photo 779123 © Aaron Kohr | Dreamstime.com

Economics

The Federal Reserve Was Supposed To Ease Economic Instability. Instead, It's Made It Worse.

A responsible political class would significantly reform the organization. Instead, they will likely continue to give it more power.

Veronique de Rugy | 4.13.2023 3:00 PM

The New York case against Donald Trump is based on debatable facts and untested legal theories. | CNP/AdMedia/Sipa/Newscom

Donald Trump

Of Course, the Trump Indictment Is Political

Plus: A listener asks the editors if the nation is indeed unraveling or if she is just one of "The Olds" now.

Matt Welch, Katherine Mangu-Ward, Nick Gillespie, and Peter Suderman | 3.20.2023 5:06 PM

Joe Biden is seen giving a speech at the Finishing Trades Institute | Bastiaan Slabbers/Sipa USA/Newscom

Federal government

Biden's New Budget Would Hike Taxes and Wage Class Warfare

The higher taxes on small businesses and entrepreneurs could slow growth. Less opportunity means more tribalism and division.

Veronique de Rugy | 3.16.2023 3:15 PM

Silicon Valley Bank logo | Lex Villena

Banking

Yes, There Are Libertarians During Bank Runs

Plus: The editors recommend the best books for sparking interest in free market principles.

Matt Welch, Katherine Mangu-Ward, Nick Gillespie, and Peter Suderman | 3.13.2023 5:08 PM

A phone with the Silicon Valley Bank logo being held in front of a Silicon Valley Bank sign. | Jaap Arriens/ZUMAPRESS/Newscom

Banking

How the Fed Broke Silicon Valley Bank

The Fed's anti-inflation measures had to hurt someone.

Joakim Book | 3.13.2023 11:00 AM

Silicon Valley Bank logo all blurry and falling | Andre M. Chang/ZUMAPRESS/Newscom

Banking

Everyone Is Learning the Wrong Lessons From the Silicon Valley Bank Collapse

Plus: Fox News troubles, junk statistics about illicit economies, and more...

Elizabeth Nolan Brown | 3.13.2023 9:45 AM

Matt Gaetz, Kevin McCarthy, and a group of Republican congresspeople argue during the campaign for House speaker | CNP/AdMedia/SIPA/Newscom

Congress

To Win the Speakership, Kevin McCarthy Had To Promise To Cut Spending. Good.

While some Republicans may have had misguided motivations, a few disrupted McCarthy's campaign in order to enact fiscal restraint. Their colleagues were fine with business as usual.

Veronique de Rugy | 1.12.2023 3:40 PM

The Federal Reserve is seen in front of red 100-dollar bill | Illustration: Lex Villena; Tananuphong Kummaru

Economy

Congress and the Federal Reserve Could Be Setting Us Up for Economic Disaster

If lawmakers keep spending like they are, and if the Fed backs down from taming inflation, then the government may create a perfect storm.

Veronique de Rugy | 12.29.2022 12:20 PM

The U.S. Capitol is seen with money in the background | Illustration: Lex Villena; Robwilson39

Government Spending

Congress Can Reduce the Deficit by $7.7 Trillion in 10 Years

The Congressional Budget Office projects that future deficits will explode. But there's a way out.

Veronique de Rugy | 12.22.2022 1:00 PM

A GOP elephant is seen in front of a sliver of a dollar bill | Illustration: Lex Villena; Duncan Noakes

Economy

Republicans Need an Actual Plan To Grow the Economy

The biggest beneficiaries of economic growth are poor people. But the deepest case for economic growth is a moral one.

Veronique de Rugy | 11.17.2022 1:20 PM

GOP elephant is seen with a 0 bill | Illustration: Lex Villena; Mirith

Election 2022

A GOP-Led Congress May Focus on Owning the Libs. Instead, It Should Focus on Owning Inflation.

If the midterms favor Republicans, their top priority needs to be the fight against inflation—whether or not they feel like they created the problem.

Veronique de Rugy | 11.3.2022 12:01 AM

Several prominent economists now warn that persistently rising prices could be here to stay for a while.  | Photo 32699673 © Ricardo Reitmeyer | Dreamstime.com

Inflation

Don't Bet on Inflation Going Away Soon

"The history of developed countries since 1970 is very discouraging about the prospects of bringing down 8 percent inflation," says Larry Summers.

Eric Boehm | 10.31.2022 12:10 PM

Economic growth chart | Juan Moyano/Dreamstime.com

Economy

Latest GDP Numbers Aren't Calming Recession Fears

The U.S. Bureau of Economic Analysis reports that GDP grew 0.6 percent in the third quarter of 2022.

Christian Britschgi | 10.27.2022 11:45 AM

Jerome Powell in front of the Federal Reserve building | Illustration: Lex Villena; Paul Morigi

Federal Reserve

The 'Experts' Were Never Going To Fix Inflation

The idea that the Fed has the knowledge necessary to control the economy with perfectly calibrated policies was always an illusion.

Veronique de Rugy | 10.27.2022 12:01 AM

The latest consumer price index report released on Thursday morning confirms that prices are still rising and dollars are not worth as much as they used to be. | Photo by engin akyurt on Unsplash

Inflation

Inflation Hits 8.2 Percent After Another Month of Sharply Rising Prices

Prices rose by 0.4 percent in September, faster than economists expected and indicating that rising interest rates aren't getting the job done.

Eric Boehm | 10.13.2022 9:55 AM

Headshot of President Joe Biden overlaid on a green background with orange money seals | Illustration: Lex Villena; Gage Skidmore

Deficits

Here's Why Biden Is Wrong About the Deficit

His administration has expanded deficits by $400 billion more than expected, even before we count recent spending.

Veronique de Rugy | 10.6.2022 12:01 AM

spending borrowing deficits debt Biden administration Federal Reserve rate hike interest rates inflation | Photo by Vladimir Solomianyi on Unsplash

Budget Deficit

Expected Interest Rate Hike Will Add $2 Trillion to the Deficit

So much for the idea that low interest rates meant the government could borrow endlessly with no consequences.

Eric Boehm | 9.20.2022 5:25 PM

Candid of Joe Biden overlaid on stacks of money on a tan background | Illustration: Lex Villena; Stockernumber2, Gage Skidmore

Government Spending

Democrats Are Trying To Push Through Another 'Build Back Better' Bill. It Would Only Make Inflation Worse.

Here's hoping we don't wind up with more of the spending and favoritism that's become so common.

Veronique de Rugy | 7.7.2022 4:50 PM

Candid photo Joe Biden speaking overlaid on a inflation graph | Illustration: Lex Villena; Gage Skidmore

Deficits

A Wonky Evisceration of Biden's Bad Deficit Math

Interest rates and servicing costs could push us into worrisome territory sooner than we think.

Veronique de Rugy | 6.16.2022 2:40 PM

man holding empty wallet | imageBROKER/Isai Hernandez/Newscom

Reason Roundup

Recession 'Virtual Certainty' as Interest Rates Spike

Plus: Libertarian Party drama, how rent control hurts renters, and more...

Elizabeth Nolan Brown | 6.16.2022 9:45 AM

Thumbnail | Illustration: Lex Villena; Dmitry Ersler, Amaury Laporte

The Reason Roundtable

Blundering Into Escalation in Ukraine?

Plus: A listener asks if it’s possible for bureaucracy ever to be good.

Matt Welch, Katherine Mangu-Ward, Nick Gillespie, and Peter Suderman | 5.23.2022 5:11 PM

jp-valery-hfrDZAXwb5c-unsplash | Photo by Jp Valery on Unsplash

Inflation

America's Huge Pile of National Debt Makes Combating Inflation More Difficult

A one percentage point increase in interest rates translates into a $30 trillion increase in interest costs on the national debt.

Eric Boehm | 12.30.2021 2:00 PM

sfphotosfive236338 | CHINE NOUVELLE/SIPA/Newscom

Inflation

If We Don't Get Inflation Under Control, It Could Unleash Some Dramatic Consequences

America needs to get its fiscal house in order.

Veronique de Rugy | 12.16.2021 3:02 PM

ibphotos528511 | imageBROKER/Andy Dean/Newscom

Government Spending

Many Politicians Claim That Increased Spending Sparks Economic Growth. Here's Why That's Misleading.

A new study finds that as the government expands, the private sector shrinks.

Veronique de Rugy | 6.10.2021 2:29 AM

thnumb

National Debt

Does National Debt Still Matter? America's Greatest Gamble

Fiscal hawks have been sounding the alarm about rising debt levels for decades, but their nightmare scenario of runaway inflation hasn't come to pass. How do we know if this time is different? 

Zach Weissmueller and Justin Monticello | 4.5.2021 1:30 PM

Federal Reserve | Steveheap/Dreamstime.com

Economics

Negative Interest Rates Will Damage an Already Crippled Economy

Some economists believe that a negative interest rate policy will stimulate the economy by reducing the cost of loans. That isn’t how it has worked in practice.

Simon Constable | 6.9.2020 12:10 PM

126576885_m | Nuthawut Somsuk

Federal Reserve

Trump Gets What He Wants as Federal Reserve Interest Rate Target Drops to Zero

Paired with a new round of quantitative easing, the Fed takes us back to the 2008 playbook.

Brian Doherty | 3.15.2020 7:55 PM

topicseconomics | PictureLake/iStock

Economics

Don't Trade Stock Tips or Obsess About the Fed, Read Moby Dick Instead

You need to be inoculated from some strange but popular notions about the economy.

Deirdre Nansen McCloskey | 12.19.2019 6:30 AM

39733455_m |  Irochka

Federal Reserve

Federal Reserve Cuts Interest Rates After Trump Calls for Zero Interest Rates

The rate cut is too little, too late for Trump, who says after the move that his Fed chair lacks "guts, sense, vision"

Brian Doherty | 9.18.2019 7:00 PM

39733455_m |  Irochka

Interest rates

Trump Demands Zero Interest Rates From "Boneheads" at the Federal Reserve

Such a move would emulate other economies, risk inflationary bubbles, and benefit his businesses.

Brian Doherty | 9.11.2019 5:15 PM

Large image on homepages

Reasontv

What Caused the 2008 Financial Crisis: Market Distortions or Market Failure? A Debate

Former BB&T Bank CEO John Allison vs. Moody's Mark Zandi

Todd Krainin | 2.27.2019 12:30 PM

Large image on homepages | Joshua Roberts/REUTERS/Newscom

Federal Reserve

Fed Officials Will Continue Interest Rate Hikes in Face of Booming Economy

Minutes from the Fed's June meeting indicate that it will continue gradual interest rate hikes.

Nikhil Sridhar | 7.6.2018 2:15 PM

Large image on homepages

Reasontv

Does Fractional Reserve Banking Endanger the Economy? A Debate

Texas Tech University's Robert Murphy vs. Cato's George Selgin at the Soho Forum

Todd Krainin | 4.27.2018 1:45 PM

Large image on homepages | Courtesy Danielle DiMartino Booth

Federal Reserve

Cassandra of the Crash: An Interview With Former Dallas Fed Researcher Danielle DiMartino Booth

Brian Doherty | 6.17.2017 6:00 AM

Large image on homepages | Richard B. Levine/Newscom

National Debt

The Cost of Carrying Debt

Low interest rates ease the pain of carrying so much debt. But in the long run, somehow, the U.S. will end up paying for it.

Peter Suderman | 3.19.2017 7:15 AM

Large image on homepages

Federal Reserve

Federal Reserve Raises Interest Rate Target for Third Time Since 2006

Brian Doherty | 3.15.2017 4:45 PM

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